TMI BlogAmendment of section 49.X X X X Extracts X X X X X X X X Extracts X X X X ..... uisition of the asset shall be deemed to be that part of the cost of the preference share in relation to which such asset is acquired by the assessee. ; (c) after sub-section (2AE) as so inserted, the following sub-section shall be inserted, namely:- (2AF) Where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund. ; (d) in sub-section (4), after the words, brackets, figures and letter or clause (viia) at both the plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in that sub-section. ; (f) after sub-section (7) as so inserted, the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely: (8) Where the capital gain arises from the transfer of an asset, being the asset held by a trust or an institution in respect of which accreted income has been computed and the tax has been paid thereon in accordance with the provisions of Chapter XII-EB, the cost of acquisition of such asset shall be deemed to be the fair market value of the asset which has been taken into account for computation of accreted income as on the specified date referred to in sub-section (2) of section 115TD. . - Clause 25 of the Bill seeks to amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. It is also proposed to insert a new sub-section (6) in the said section so as to provide that where the capital gain arises from the transfer of specified capital asset referred to in clause (c) of the Explanation to clause (37A) of section 10, received under the Land Pooling Scheme covered under the Andhra Pradesh Ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sset, being the asset held by a trust or an institution in respect of which accreted income has been computed, and the tax has been paid thereon in accordance with the provisions of Chapter XIIEB, the cost of acquisition of such asset shall be deemed to be the fair market value of the asset which has been taken into account for computation of accreted income as on the specified date referred to in sub-section (2) of section 115TD. The proposed amendment is consequential in nature. This amendment will take effect retrospectively from 1st June, 2016. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
